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South Africa Retail Sales Growth Slows More Than Expected

South Africa's retail sales grew at a slower pace in July, figures from Statistics South Africa showed Wednesday.

Retail sales grew 1.3 percent year-on-year following 1.8 percent in June, which was revised from 0.7 percent. Economists had forecast 1.6 percent growth.

The pace of sales growth slowed for a second straight month and the increase was the smallest since April.

On a month-on-month basis, retail sales rose 1.3 percent after a 1.1 percent fall in June, revised from 1.2 percent.

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